MusicMagic.net Ltd. specializes in sound equipment. Because each inventory item is expensive, MusicMagic uses a perpetual inventory system. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Required 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory in the following two ways: a. FIFO b. Weighted-average cost 2. MusicMagic uses the FIFO method. Prepare MusicMagic's income statement for the month ended November 30, 2014, reporting gross profit. Operating expenses totalled $270, and the income tax rate was 30%. Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory. a) Using the FIFO method the ending inventory is SL and the cost of goods sold is b) Using the weighted-average-cost method the ending inventory is S and the cost of goods sold is sl Round interim calculations to two decimal places. Round final answers to the nearest dollar.) Requirement 2. MusicMagic uses the FIFO method. Prepare MusicMagic's income statement for the month ended November 30, 2014, reporting gross profit. Operating expenses totalled $270, and the income tax rate was 30%. Begin with the heading, then select the accounts and enter the amounts in the statement. (Round answers to the nearest dollar.)